Portobello Road and the 4P's

So on the same day we went to Museum of Brands we also all ventured into Portobello Market, which is probably one of the biggest and busiest markets I have ever been to.  There are tons of items to purchase, including food, clothing, British/London souvenirs, and jewelry.  The atmosphere is very fast paced and energetic, especially when walking between the different stalls and when the vendors try to sell you things.  I was very proud of myself when I resisted the temptation of spending a lot of money and walked away at the end of the day having only purchased 2 items besides food.  This market is a very good example of the 4P's in marketing, which stand for Product, Price, Place, and Promotion.  I was able to connect it to numerous things including the first two P's: Product and Price.





Product - The product is a service, good, or idea that satisfies the wants or needs of the consumer.  In the case of Portobello Market it was mostly goods, with the exception of the occasional palm reader service.  There are many different aspects of products including quality/value, image, brand, packaging, and warranties/guaruntees, but not all of them apply to the market.  The majority of the items in Portobello Road were food/fresh produce and clothing/souvenirs.  I noticed that the quality of the food seemed really good and authentic.  I ate a German sausage and it was delicous because it was cooked right in front of me and not kept under some heat lamp like cafeterias sometimes do.  This is what made some of the different types of food stand out from eachother.  The market also featured many different clothing brands and types, satisfying the wants or needs of any type of consumer.  There was pretty much something for everyone to enjoy here and this shows that vendors chose the right type of products to sell.

Price - Portobello Road is pretty much known for the prices that they feature.  You can find a bargain at pretty much every stall you look at.  Jenn and I split purchasing a British flag for £2 and I bought a bracelet for only £5.  I noticed that a lot of the vendors tended to sell some of the same products, but it was a competition to see who could sell it at the lowest price.  Otherwise a consumer might want to buy the same item at a different stall and the vendor would lose out on a sale.  I think this is why many of the same products were sold around the same price.  The prices of items were also semi-flexible.  For instance, you could bargain with a vendor to bring the price down.  Depending on how badly they wanted a sale they would lower the price to make you feel like you are getting a "deal" or they could simply refuse your offer.  I think bargaining helps to reduce the amount of cognitive dissonance a consumer may have had after a purchase.

This was the first post about Portobello Road and the 4P's.  The other 2P's will follow in another post.